Dubai Financial Services Authority (DFSA), the regulator of financial services in Dubai International Financial Centre (DIFC), has granted approval to Sukoon Insurance for the establishment of its subsidiary, Oman Insurance Workplace Savings Solution (OIWSS). This subsidiary is dedicated to the administration of Employee Money Purchase schemes within the DIFC.
DIFC, recognized as a leading global financial center in the Middle East, Africa, and South Asia (MEASA), will serve as the platform for OIWSS to provide services to companies not only in the UAE but also across the Gulf Cooperation Council (GCC). The primary objective of OIWSS is to offer a regulated and efficient means for the administration of End of Service Gratuity savings for companies.
OIWSS has partnered with Intertrust Group, a CSC Company, which will act as the trustee and operator of the scheme, and Generali Global Pension, which will provide a capital-guaranteed option for clients. Operating from its new office in DIFC, OIWSS is a wholly-owned subsidiary of Sukoon.
The scheme introduced by OIWSS, branded as “Go Saver,” will be accessible to companies in DIFC, other free zones, and onshore jurisdictions. It offers a range of investment solutions, including a fully capital-guaranteed option and investment portfolios compliant with Sharia principles. Employee interests will be safeguarded through a trust, ensuring the security of their savings.
Emmanuel Deschamps, Head of Life and Pensions and member of the Executive Committee at Sukoon emphasized the significant opportunity presented by the UAE’s gratuity and employee savings landscape. He highlighted the need for expertise in this domain and OIWSS’s strategic positioning to become a leader in this field by providing unique solutions to clients.
Salmaan Jaffery, Chief Business Development Officer at DIFC, welcomed OIWSS into the financial ecosystem of DIFC, underscoring the importance of innovations in long-term savings and wealth management in the region.
This initiative reflects Sukoon’s commitment to enhancing the financial services landscape and fostering a digital ecosystem to support Oman’s Vision 2040 and facilitate growth in the nation.
Sukoon Insurance Company was established in 1975 and is a leading insurance provider in the UAE, offering comprehensive solutions in healthcare, motor, life, and general insurance. The company serves over 800,000 individuals and commercial clients through a wide distribution network, an e-commerce platform, and a dedicated call center. Sukoon Insurance Company is publicly listed on the Dubai Financial Market and holds A ratings from Standard & Poor’s and Moody’s.
